credit freeze Meaning in the Cambridge English Dictionary

Meaning of “credit freeze” in the English Dictionary

"credit freeze" in Business English

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credit freezenoun [C, usually singular]

uk   us  
ECONOMICS, FINANCE a ​situation in which ​actions by a ​governmentforcebanks to ​stoplendingmoney: A ​sign that the ​creditfreeze may be thawing is a ​drop of .01% in the ​interestrate that ​bankscharge to ​borrow from one another.
US (also security freeze) FINANCE a ​service that ​allowsconsumers to prevent creditbureaus (= ​companies that ​collect and ​sell people's ​financialinformation) from ​selling the ​information in their ​files. Credit ​freezes are used for preventing identitytheft (= the ​illegal use of another person's ​personalinformation): The new ​lawallowsresidents to ​place a ​creditfreeze on their ​reports. Keep in mind that a ​creditfreeze will not prevent a thief from ​misusing your existing ​creditcards and ​accounts.
(Definition of credit freeze from the Cambridge Business English Dictionary © Cambridge University Press)
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“credit freeze” in Business English

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